Two friends, each with distinct personalities, run a beauty company named Mia&Mel. While Mel (who possesses strong business acumen) often finds herself overshadowed by Mia (who is bold and brash), they have shared a close friendship for 22 years, having even lived together since high school. Mel tends to be the more grounded of the duo, whereas Mia dreams of rapid wealth and a lavish lifestyle.
Despite Mel's practical approach, she feels frustration over Mia's tendency to procrastinate on critical business operations, often hiding her shortcomings behind phrases like "product quality" and "creating scarcity." Their business struggles under the weight of debt, as income dwindles and Mel struggles to confront Mia about their realities. Their co-worker Sydney, along with employee Barrett (Billy Porter), often mock the dysfunctional dynamic between Mel and Mia.
Friends Jill, Kim, and Angela express concern that the duo is missing out on family life. Their method of dating has also become quite erratic, characterized by flings rather than enduring relationships. This unconventional lifestyle has even led them to create a product called "One Night Stand," which is a single-use makeup kit.
However, things take a dramatic turn when their company succumbs to debt, prompting them to seek help from a shifty benefactor, aiming to take control of Mia&Mel. The powerful cosmetic mogul Claire Luna is keenly observing the online success of "One Night Stand," which raked in $21,000 in just a month. She dispatches her executive Josh to propose a partnership that threatens their independence.
Mia initially refuses Claire’s offer, but following discussions with Mel about their dire financial situation, they reluctantly visit Claire's office to negotiate. Claire proposes purchasing 49% of their company to settle $500K in debt and additionally invest $1.7 million, while secretly aiming for Mel's expertise in product innovations. Though wary, the friends agree, but the deal comes with a catch: if one partner quits, Claire gains a controlling 51% stake.
The duo's initial excitement quickly dissipates when Claire dismisses their heartfelt ad campaign promoting enduring friendships as "too sentimental." Instead, she insists on fresh ideas and ultimately pilfers Mel’s concept for a two-toned lipstick, while firing Barrett, who handcrafts their bespoke cosmetics. The strain on Mel and Mia's friendship deepens as Mia accuses Mel of compromising her values, while Mel believes Mia is envious of Claire’s favor towards her.
The situation worsens as Claire cuts funding after missed deadlines, forcing Mel and Mia to confront her publicly. During a contest against other teams, they suffer defeat, further hindering their partnership. This leads to a heated argument where Mia decides to quit. Fortunately, Barrett reminds Mia of Mel’s unwavering support throughout their friendship, prompting reconciliation just as they discover that Claire plans to unveil their stolen ideas at her launch party.
To safeguard their business and integrity, Mel and Mia turn to Shay, Claire’s former partner, initiating a new venture called Proud Cosmetics, which will showcase their latest product, "Ride or Die," designed for best friends. This clever maneuver allows them to circumvent Claire's grasp on Mia&Mel while ensuring they still receive 49% of future profits.
With renewed energy, Mel and Mia enlist their friends, develop a fresh product line, and commandeer Claire's launch party as a platform to debut their new offerings proudly branded under their new venture. Fast forward a year later, and Mel & Mia's new enterprise emerges triumphantly on the international scene, proving their resilience and creative spirit despite the tumultuous journey they endured.
